Move Over ATMs – There’s A New Self-Service Machine In Town!

Move Over ATMs – There’s A New Self-Service Machine In Town!

The retail banking industry is a whole different game than it used to be – deposits are on the decline, transaction costs are increasing, and client expectations are always changing. Financial institutions are in need of a solution: one that provides customers with the personal touches they require for a positive experience without requiring a costly 1:1 interaction with a teller or associate just to complete a simple transaction.

You may be thinking, isn’t this what ATMs are for? If so, good question. ATMs were the first shot at self-service machines, and while revolutionary, they are no longer smart enough to get the job done right. Capable of handling only the most basic of transactions, like pulling cash in $20 increments, these machines regularly let costly, simple transactions through to your line of tellers and associates – simply because they aren’t as self-service as they claim to be. For example, an ATM can’t print a cashier’s check or dispense cash in any denomination, meaning these transactions still fall on your staff and distract them from profitable interactions.

So basically you’ve invested a lot of money into ATM’s, yet your teller line is still filled with people needed things like cashiers checks, or to have a $50 bill broken into $5 bills.

Stop and think… how self-service are ATMs really?

It’s time for ATMs to move over, because we we created a better solution, and we call it NEXT: a self-service machine that provides your clients with the power to complete almost any transaction a teller could have assisted with, on their own. With a simple interactive display and a module built to feel private, yet approachable, client’s can:

  • Log-in using their debit card, driver’s license or even by scanning their eyes
  • View account activity and print account history and receipts
  • Deposit cash and checks, as well as withdraw cash in any denomination
  • Make change, to the penny
  • Print cashier’s checks
  • Transfer money between accounts and pay bills
  • Request assistance with the click of a button
  • And more!

Not only does this make the branch experience easier and more modern for your client, but it saves you a lot of money. By handling the mass amount of simple transactions, self-service technology keeps your associates available for more high-value interactions, like setting up a new account or fitting clients for a loan.

And unlike traditional ATMs, part of NEXT’s hardware choice includes re-purposing cash dispensers and recyclers that you already own. These mechanisms are the heart of every self-service solution for cash processing, so through re-purposing the cash automation you already have in place, you save cost, gain flexibility in design, and can provide different levels of self-service based on the true needs of the specific branch or location. It also provides a smoother path to upgrade, add and delete as those needs change.